Public-domain photo of the Texas Capitol for a Texas Strategic Bitcoin Reserve custody story.

Texas Puts Its Bitcoin Reserve Out for Custody

By Isaac • May 29, 2026 9:33 pm • Comments

Texas just took its Strategic Bitcoin Reserve from legislation into operations.

Acting Comptroller Kelly Hancock appointed the five-member Texas Strategic Bitcoin Reserve Advisory Committee and announced a Request for Proposals for custody and liquidity services.

The committee advises Hancock on reserve management, asset valuation, risk policy, digital asset management, and custody of state-held virtual currency.

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The RFP is the part the market should care about. Texas wants a qualified firm to securely acquire, hold, manage, and report the state’s bitcoin and cryptocurrency holdings with institutional-grade security and key management.

Responses are due June 15, 2026.

Here is the announcement straight from the Texas Comptroller:

Acting Texas Comptroller Kelly Hancock today announced the appointment of the Texas Strategic Bitcoin Reserve Advisory Committee.

Created by the 89th Texas Legislature under Senate Bill 21, the Texas Strategic Bitcoin Reserve Advisory Committee is a five-member committee comprising Hancock and experts in investments and digital assets. Committee members will advise Hancock regarding the administration and management of the reserve, including recommendations for valuing digital assets in the reserve and establishing appropriate policies related to risk, digital asset management and custody of virtual currency.

“The Legislature gave the Comptroller’s office a clear responsibility to administer the Texas Strategic Bitcoin Reserve, and that work must be done with transparency, security and strong financial controls,” Hancock said. “This advisory committee brings together the kind of expertise needed to help the state carry out that direction carefully, responsibly and in the best interest of Texas taxpayers.”

The Comptroller’s office also announced a Request for Proposals (RFP) seeking a qualified firm to provide custody and liquidity services for the Texas Strategic Bitcoin Reserve. The selected firm will securely acquire, hold, manage and report the state’s bitcoin and cryptocurrency holdings while delivering institutional-grade security, cryptocurrency key management and operational controls.

The reserve was created under Senate Bill 21 in the 89th Texas Legislature.

The committee appointment and RFP are the first operational steps to make it run.

The state is preparing to shift from ETF exposure into directly custodied bitcoin.

According to Bitcoin Magazine, the reserve currently holds about $10 million in exposure through IBIT.

Holding spot ETF shares and holding the coins are different things. ETF exposure is a position on a balance sheet.

Direct custody means the state controls keys, settlement, and its own reporting.

That is the move Texas is now building toward.

Texas is one of the most prominent states pushing toward an operational bitcoin reserve, and the procurement details show how seriously the office is treating the handling.

Passing a reserve law was the easy part. The real test is custody, valuation, reporting, and public transparency on coins a state government actually holds.

Texas just started the part that decides whether a state bitcoin reserve works in practice.

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